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Investor pulls out of Suffolk Downs casino bid

Published On: Mar 29 2013 07:33:59 AM EDT

BOSTON -

The company with a nearly 20 percent stake in Suffolk Downs has decided to divest that share because its executives are unwilling to submit to background checks required by the state gambling commission as the horse track pursues a casino license.

The commission on Thursday approved a transfer of Vornado Realty Trust's shares to a blind trust over which the company will have no control. That allows the track's casino bid to move forward.

The commission's general counsel says just two of 14 people associated with Vornado have filed the mandatory disclosure forms.

New owners of Vornado's interest in the track will also have to submit to the check.

A Suffolk Downs executive says the development "will have no impact" on the track's pursuit of a casino license.

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